COE costs for cars slow to four-month lows
THE premiums for certificates of entitlement (COEs) for cars dipped in the latest tender yesterday, pointing to private hire players easing off in their race to garner market share.
COE cost for cars up to 1,600cc and 130bhp dipped by 2.9 per cent to end at a four-month low of $50,000.
That for cars above 1,600cc or 130bhp slipped by 2.6
per cent to finish at $55,501, also a four-month low.
The premium for Open COE, which can be used for any vehicle type but ends up mostly for bigger cars, fell by
3 per cent to reach a three-month low of $55,201.
Motor industry players reckon private hire players such as Uber-owned Lion City Rental have scaled back on their ambition to put out as many vehicles as possible.
Neo Nam Heng, chairman of diversified motor group Prime, noted that the Government had indicated recently that it would look into plugging potential loopholes which allowed buyers to bypass car-loan rules if they registered a private hire vehicle instead of a normal car.
The cost of the commercial vehicle COE inched up by 0.2 per cent to end at $49,890.
Motorcycle premium crept up by 0.8 per cent to hit a five-month high of $6,501.
Singapore Motor Cycle Trade Association said the arrival of several new models - including the popular China-made Honda CB190 contributed to this.